Herrick Feinstein advises two Israeli insurance companies on USD 430m acquisition
Herrick Feinstein represented Migdal Insurance Company Ltd. and Menora Mivtachim, two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of USD 430 million.
The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
This transaction builds on a deep familiarity with and experience of working with Israeli insurance companies. The firm has previously acted for Harel Insurance Co. in the acquisition of a USD 100 million portion of a USD 200 million loan from a major New York publicly-traded REIT, as well as the acquisition of a 50% interest in an USD 82 million construction facility relating to a 420-unit rental property in Nashville, Tennessee.
Founded in 1928, US-based Herrick, Feinstein LLP is a prominent, full-service law firm, providing comprehensive legal services to businesses and individuals around the world. From its offices in New York City; Newark, New Jersey; and Istanbul, Turkey, Herrick maintains robust corporate, litigation, and commercial real estate capabilities, complemented by significant depth in art, bankruptcy, employment, government relations, intellectual property, sports, tax, and trusts and estates.
